$100,000 in student loan debt?

Nurses General Nursing

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I keep reading about new nurses saddled with $100,000 worth of student loan debt. I'm curious about this. Are these students using their loans to live off of while they attend school or are they attending very expensive schools? You could almost buy a house for that amount. How common is that level of debt?

Specializes in L&D/Maternity nursing.
Boy, you are living in a dream world. One where you just spout stuff off without thinking, and fail to hear anything of logic that is said to you. I cant' fix that in you, sorry.

Now I know exactly why Mi vida felt like banging her head against a wall. It IS like talking to a teenager!

IF an emergency happened today I COULD SELL STUFF. You couldn't . I could make my debt GO AWAY! You couldn't . Nuff said.

Actually, I could make my debt go away right now if I wanted to. I have shared nothing else of my personal finances with you other than the fact that I have student loans. From that you have jumped to the conclusion that I am a some kind of deliquent, dead beat of a person just minutes away from a visit from the local repo man.

Why the vested interest in my personal financial decisions? Does my taking out a SL affect you in any way? I mean honestly...I am actually trying to figure out how I choose to pay for my education has any bearing on your life. It really seems to be angering you some, to which I am truly sorry that my personal decisions have upset you in away way.

I think if anyone has a right to be upset and angry, it is I, who have been called countless names in this thread. Yet you dont see me complaining, or putting anyone else down in return.

Bottom line is that there is no right or wrong here. Some people take their time getting their degree and pay as they go, while others choose to get it done and over with in one fell swoop and may rely on loans to do so. Que sera sera...

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I think some people are writing on here with out actually thinking about the situation of others. By the time I am done with school I will be in debt roughly 100k. Part of it is the school, if I were able to attend a cheaper even closer school I would have. But this expensive school was my only option and had I not taken it I would be still waiting to get into another program. And the rest of the loan is to live on. I have tried getting a small job to help but no one will hire me, economy these days or maybe because I go to school 36 hrs a week and it changes every 8 weeks and they just don't want to deal with that I don't know. It wasn't my plan to be I'm this much debt, but going to an expensive school out in Los Angeles I guess is the perfect storm of debt. Not everyone has family that can help them, or extra money in the bank these days, so please just try to be a little aware of what others have to do before you start calling them stupid or that they don't know finances or anything else like that. Trust me, anyone that is taking out ANY loan is aware of the financial burdon they are taking on. It just depends on whether what you need it for is really worth it. Being accepted into a well known nursing school and having to relocate just happens to be worth it to me.

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Specializes in M/S, Travel Nursing, Pulmonary.
I think some people are writing on here with out actually thinking about the situation of others. By the time I am done with school I will be in debt roughly 100k. Part of it is the school, if I were able to attend a cheaper even closer school I would have. But this expensive school was my only option and had I not taken it I would be still waiting to get into another program. And the rest of the loan is to live on. I have tried getting a small job to help but no one will hire me, economy these days or maybe because I go to school 36 hrs a week and it changes every 8 weeks and they just don't want to deal with that I don't know. It wasn't my plan to be I'm this much debt, but going to an expensive school out in Los Angeles I guess is the perfect storm of debt. Not everyone has family that can help them, or extra money in the bank these days, so please just try to be a little aware of what others have to do before you start calling them stupid or that they don't know finances or anything else like that. Trust me, anyone that is taking out ANY loan is aware of the financial burdon they are taking on. It just depends on whether what you need it for is really worth it. Being accepted into a well known nursing school and having to relocate just happens to be worth it to me.

Yeah, there is gray area right now because of the long waiting lists at the cheaper school. Not everyone fits the "reckless spending" mold I've described, but most do. This new economy which has people convinced "I must be a nurse NOW" is causing very unusual long waits to get into school. Sad part is, the nursing field is not the safe haven people tend to believe. Hiring freezes at many hospitals, and the ones that are hiring want multiple years experience. Witness the threads started by recent grads who finished last year may and dont have a job yet.

I'll say that it is a gray area because, yes, circumstances are putting you in a more expensive school. But you are not left without choices that could prevent this. You say you cant work right now because of your school schedule? Well, maybe its school not work that should be put on hold. That part your have a choice in.

That sounds harsh I'm sure, but, if you hear me out you may see it in a different light. Like I said, this board is flooded with complaints of not being able to find work as a new grad. So, why take on so much debt for a degree in a field that may not offer employment right away? Just my way of approaching things, but if it were me, I'd put school on hold, just work whatever for while I was on the waiting list for the more reasonably priced school and then graduate when there is a good chance that job openings are more the norm. Short term discomfort for long term security.

Not trying to tell you what to do or make light of your situation, but, you do have choices. No one can put a gun to your head and insist you take on the debt. Although, many who have created debt for themselves would have you believe otherwise.

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Specializes in L&D/Maternity nursing.

But on the same token, they could make the choice to go back to school, and hope in the meantime that once they graduate, there will more job openings available.

Like they said, there are no jobs to be had where he is at, so what you you suggest he do? Sit and collect unemployment and go on countless job interviews to no avail? There is such a pool of applicants and not enough jobs as it is, so this really isnt a feasible option for some. Layoffs are abound and the unemployment rate has skyrocketed!

How is one to save money if they cant find a job?

Instead they are choosing to take out a loan to further their education, take a gamble and invest in one's future, and make themselves more marketable once the job market inevitably turns around. At least going to school is making better use of one's time than seeing one door after another shut in one's face. IMO, that seems like a reasonable solution to their current problem.

I mean, are we honestly putting consumer debt and educational debt on the same page here? Am I the only one who sees the actual difference between the two?

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Yeah, there is gray area right now because of the long waiting lists at the cheaper school. Not everyone fits the "reckless spending" mold I've described, but most do. This new economy which has people convinced "I must be a nurse NOW" is causing very unusual long waits to get into school. Sad part is, the nursing field is not the safe haven people tend to believe. Hiring freezes at many hospitals, and the ones that are hiring want multiple years experience. Witness the threads started by recent grads who finished last year may and dont have a job yet.

I'll say that it is a gray area because, yes, circumstances are putting you in a more expensive school. But you are not left without choices that could prevent this. You say you cant work right now because of your school schedule? Well, maybe its school not work that should be put on hold. That part your have a choice in.

It is a gray area indeed, as a prospective 2nd degree BSN student, I incurred 36K in student loans: Private school and living expenses, including taking care of my daughter solo and a house... However, those loans are also at 2%, which raises another issue, Why are student loans at 6.8%?!

I have started the pre-req's for the BSN (6 total) at an out of state community college (as it is less) online. In Chicago, there are many applicants and not many spots, so yes, one could wait years to get into UIC and still not get acceptd. Or get accepted at Loyla and pay $55k in tuition (only) to their 2nd degree program. Add that with 1st degree and whalaa...

Community colleges are 2 year programs for those already having a degree and most often are during the day-- thus, making it diffucult to work and still, VERY competitive to get into.

I myself, may be moving our family out of state or moving myself for 12 months to a MUCH less expensive program with a waitlist... in order not incurr such crazy debt. But yes, its possible- even not being reckless (although, I suspect most that do incur 100K may be at least a little) to mount 100K plus :(

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Specializes in Emergency Dept. Trauma. Pediatrics.

I got on the wait list for the RN program in March 2006, I got my acceptance Feb. 2009 to start Fall 2009. I rather wait than rake up all that debt. I suppose I don't look at it the same. Sure I could have graduated sooner and been making the money sooner, but I would rather wait rather than racking up the debt to go a different route spending 4times as much, didn't seem appealing to me. I made use of my wait time to get me even further ahead when I actually start the program this fall.

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Specializes in Advanced Practice, surgery.

I'm going to close this thread for a cooling off period

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